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Joe Biden has been warned that increasing inflation could be “critical” in determining who swing voters choose as president this November.
New data has revealed that consumer price index surged 3.2 per cent year over year last month – compared to the 3.1 per cent pace set in January.
The so-called “core” consumer price index – a measure of inflation which removes volatile food and energy costs – dropped from an annual rate of 3.9 per cent in January to 3.8 per cent last month.
Economists expected last month’s price growth to hold steady, however inflation picked up pace in February.
Joe Biden has been warned that increasing inflation could be ‘critical’ in determining who swing voters choose as president this November
Getty
Policymakers at the Federal Reserve are working to bring inflation down to two per cent.
Jason Trennert CEO and Chairman of Strategas Research Partner says the US president is to blame for the deterioration of the average person’s standard of living amid “Biden era spending and stratospheric budget deficits”.
He said: “While there is still long way to go in what will be the longest general election process in US political history, it would appear now that illegal immigration and inflation will be critical in determining who a dwindling base of swing voters will choose to be our president this November.
“Like it or not, Biden era spending and stratospheric budget deficits mean that there is nothing his campaign can do to escape blame for the fact that the average person’s standard of living has deteriorated during his term.
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“We estimate that average working person’s standard of living has deteriorated by about seven per cent since 2021.”
The new data, released by the Bureau of Labor Statistics is a “troubling sign” for the federal government which was hoping to see more progress on pricing pressures before they introduced any cuts to interest rates.
Kurt Rankin, senior economist at bank holding firm PNC said: “Fed officials have continued to stress the need for further progress toward their goal of an average two per cent pace of inflation before interest rate cuts will be appropriate.
“So far, 2024 has brought disappointing evidence to those looking for hope that the Fed is ready to cut rates.”
The new data, released by the Bureau of Labor Statistics is a ‘troubling sign’ for the federal government
Reuters
Inflation has dropped significantly since peaking at 9.1 per cent almost two years ago, however household budgets remain under pressure.
Last Thursday, Biden told Congress: “The landing is, and will be, soft.
“It takes time, but the American people are beginning to feel it. Consumer studies show consumer confidence is soaring.”
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